The effect of climate change on home prices has been hard to find on a national level

See Climate Change to Wipe Away $1.5 Trillion in U.S. Home Values, Study Says by Nicole Friedman and Deborah Acosta of The WSJ. Excerpts:

"So far, however, the effect of climate change on home prices has been hard to find on a national level. Home prices climbed sharply in 2020 and 2021 as housing demand rose. Home-sales activity has plunged in recent years, but prices remain near record highs, including in some states considered vulnerable to climate change such as Florida and Arizona.

“There is evidence that it’s affecting people’s behavior about where to live and where to buy homes, but only in some locations and still kind of at the margins,” said Jenny Schuetz, vice president of housing at Arnold Ventures. “If you look at national population growth and migration, people are moving towards relatively high-risk places.”"

"if home values double in the next 30 years—from an estimated $50 trillion today to $100 trillion in 2055—a $1.47 trillion decline would represent only about a 1.5% decrease.

Home-price gains in many areas will likely outpace the climate-related losses, said Jeremy Porter, First Street’s head of climate implications research."

"“One of the pain points for homeowners in the coming years is going to be affordability of insurance and property taxes,” said Benjamin Keys, professor of real estate and finance at the Wharton School of the University of Pennsylvania. “There are people who are going to be stressed and will want to relocate.”"

"“We’re not seeing mass migrations—everybody’s not leaving Houston to go to Minnesota or something like that,” Porter said. “But people are leaving Southeast Houston to go to Northwest Houston, because it’s higher ground.”"